After declaring a cut in interest rates on one-two year deposits to 8% from 8.25% from 9 August 2007, SBI was up 1.38% to Rs 1658.50 in afternoon trading.

In the meantime, the BSE Sensex was down 262.23 or 1.73% to 14,879.37 tracking helplessness in worldwide markets. Asian stock markets declined today, 6 August 2007, after modest US economic statistics, comprising the significant non-farm payrolls report, adding to fears of the US subprime mortgage crisis snowballing.

On BSE, about 7.29 lakh shares of the scrip changed hands. The stock showed an average daily volume of 6.53 lakh shares in the last three months.

During the day, SBI scrip touched a high of Rs 1662 and a low of Rs 1592.60. The scrip has had its 52-week high of Rs 1760 on 6 July 2007 and a 52-week low of Rs 796.15 on 7 August 2006.

In the one month to 3 August 2007, SBI boosted 5.77% against Sensex’s 1.86% increase. It appended 44.94% in one quarter against Sensex’s 8.64% jump. The company’s equity capital is Rs 526.30 crore, with 52.63 crore outstanding shares of face value of Rs 10 each.

On the same time, with the decrease in interest rates on one-two year deposits, SBI has concurrently raised interest rates on three-ten year deposits to 8.5% from 8.25% from 9 August 2007.

The bank’s net earnings climbed 78.5% to Rs 1425.81 crore on a 27.8% increase in operating income to Rs 12229.09 crore in Q1 June 2007 over Q1 June 2006.